Banamex to hit the market again

Banco Nacional de Mexico (Banamex) is looking to assign a mandate for a $150 million to $300 million bond backed by credit card receivables, a bank official said.

The issuer is currently looking at proposals from investment banks but has yet to decide whether the transaction will go to the term market or be placed into a conduit.

Banamex's last securitization was a $250 million bond backed by diversified payment rights that went directly into a U.S. commercial paper conduit structured by lead manager Bank of America. That transaction was rated triple-A as a result of a wrap from XL. Banamex is also rumored to be considering a $150 million to $300 million trade payment securitization.

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